According to a new report published by UnivDatos Markets Insights, the Automated Guided Vehicles Market was valued at USD 3.5 billion in 2020 and is expected to witness a robust CAGR of around 12% during the forecast period 2021-2027. The analysis has been segmented into Type (Tow Vehicles, Unit Load Carriers, Pallet Trucks, Assembly Line Vehicles, Forklift Vehicles, and Others); Technology (Laser Guidance, Magnetic Guidance, Vision Guidance, and Others); Industry (Automotive, Manufacturing, Food & Beverages, Aerospace, Retail, and Others); Region/Country.
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The Automated Guided Vehicles market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automated Guided Vehicles market. The Automated Guided Vehicles market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Automated Guided Vehicles market at the global and regional levels.
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Market Overview
An automated guided vehicle (AGV) is an unmanned self-propelled vehicle used for transporting a payload without real-time human assistance. With the increasing demand for automation and material handling equipment in various process industries coupled with high labor costs and the advent of industry 4.0, the global Automated Guided Vehicle Market is expected to witness an exponential CAGR of ~12% during the forecast period (2021–2027). In addition, the rapidly growing e-commerce industry and rising awareness regarding enhancing safety at workplaces are some other factors responsible for the market growth.
Some of the major players operating in the market include Daifuku Co. Ltd., JBT Corporation, KION GROUP AG, Toyota Industries Corporation, KUKA AG, Hyster-Yale Materials Handling Inc., Oceaneering International Inc., ek robotics GmbH, Fritz SCHÄFER GmbH & Co KG, and Scott Technology Limited.
COVID-19 Impact
COVID-19 slowed the overall growth of various industries including manufacturing, and automotive, and disrupted the supply chain and logistics sector across geographies. The countries were forced to implement lockdowns during the first half of 2020. The manufacturing industry witnessed a significant drop in earnings and income as a result of the COVID-19 pandemic. Business operations saw a large reduction in the workforce, resulting in an overall loss in manufacturing activity. However, to tackle the challenges of a restricted workforce amid the lockdowns and reduce the chances of transmission of COVID-19 in labor-intensive industries, major stakeholders in the ecosystem started deploying AGVs in factories, and warehouses, to increase operational efficiency and meet their respective growth targets. Thus, the AGV market witnessed a positive growth trend, especially during the second half of 2020.
The global Automated Guided Vehicles market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market has been categorized into tow vehicles, unit load carriers, pallet trucks, assembly line vehicles, forklift vehicles, and others. Amongst these, the unit load carrier category held a significant market share in 2020 and is expected to witness strong growth during the forecast period. Unit load carriers are used to move unit loads from one station to another station. They are often equipped for automatic loading and unloading using powered rollers, moving belts mechanized lift platforms, or other conventional devices. However, forklift vehicles are expected to witness the highest adoption rate during the forecast period. The growth of the segment is influenced by the factors such as increasing demand for automated warehouses and automated material handling equipment coupled with the exponential growth in the e-commerce, logistics, and warehousing sector.
· Based on technology, the market is classified into laser guidance, magnetic guidance, vision guidance, and others. In 2020, the laser guidance category grabbed a significant share in the market. This is mainly due to the flexibility and accuracy of laser guidance technology. AGVs equipped with laser navigation triangulation system uses laser positioning systems for navigation. This technology is widely used in autonomous forklifts and its adoption has been increasing in tugger, traction, and carrier AGVs as well. With the integration of laser guidance technology, key stakeholders in the market were able to improve the flexibility and safety issues in the warehousing logistics system and improve the level of automation and management of enterprises, among others.
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Automated Guided Vehicles Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, and the Rest of Asia-Pacific)
· Rest of the World
APAC region is expected to hold the major share of the Automated Guided Vehicles market during the forecast It is mainly owing to the rapid growth of e-commerce, healthcare, and logistics sectors in emerging economies, such as China and India. For instance, in India, the growth of the industry has been triggered by an increase in internet and smartphone penetration. The number of internet connections in 2021 increased significantly to 830 million.
The major players targeting the market include
· Daifuku Co. Ltd.
· JBT Corporation
· KION GROUP AG
· Toyota Industries Corporation
· KUKA AG
· Hyster-Yale Materials Handling Inc.
· Oceaneering International Inc.
· ek robotics GmbH
· Fritz SCHÄFER GmbH & Co KG
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automated Guided Vehicles Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Automated Guided Vehicles market?
• Which factors are influencing the Automated Guided Vehicles market over the forecast period?
• What are the global challenges, threats, and risks in the Automated Guided Vehicles market?
• Which factors are propelling and restraining the Automated Guided Vehicles market?
• What are the demanding global regions of the Automated Guided Vehicles market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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